Home inventory in Puget Sound at three-year high

According to the Northwest MLS numbers from August, the number of active listings in the housing market has reached the highest level since Sept. 2015. John L. Scott Chairman and CEO J. Lennox Scott is quoted in the Seattle PI article examining the recent market changes.

At month’s end the market had 18,580 active listings, the highest level since September 2015 (when buyers had about 1,144 more listings to choose from) and an 11 percent jump from July. The regional market held about two months of supply — still lower than the “balanced market” range analysts hope for of four to six months — replenished by the addition of even more new listings during the month and a slower pace of sales.

Within the four-county Puget Sound region, pending sales were down more than 20 percent on average; the range extended from Pierce County’s 12 percent drop to King County’s more than 23 percent drop.

King County even tied for largest jump in inventory, with a 74.3 percent increase from a year ago.

“The Puget Sound residential housing market remains positive, though the market has transitioned from a frenzied state to one of strong sales activity,” J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said in the NWMLS report.